Skip to main content

UPDATE 1-Petrobras, Sinopec in talks to build $20 bln refinery

PetrĂ³leo Brasileiro SA, Brazil's state-run oil company, and China Petroleum and Chemical Corp are in talks to build a $20 billion, 300,000-barrels-a-day refinery in the South American country, according to a securities filing on Wednesday.

Petrobras said in the filing that the non-binding accord with Sinopec, as China Petroleum is known, allows both companies to study the feasibility of the project in the northeastern state of MaranhĂ£o. The talks could lead to the creation of a joint venture.

The refinery, known as Premium I, is one of four that Petrobras hopes to open by 2017 in an effort to boost refinery capacity 50 percent to 3 million barrels a day by 2020. The project, initially budgeted at $20 billion, is expected to have initial output of 300,000 barrels per day, doubling to 600,000 bpd in 2020.

Petrobras has been facing soaring costs and losses in its refining division due to government controls on gasoline prices. Also, it is trying to develop giant, new offshore oil resources, which are sapping the bulk of its $237 billion five-year investment plan.

 

Brazil's energy minister said in February the government was seeking help from China, which recently became Brazil's top trade partner, to finish building refineries as it tries to cut reliance on imported fuels.

Despite running at record levels, Petrobras' 12 existing refineries have been unable to keep up with demand for gasoline, diesel, cooking gas and jet fuel. Gasoline consumption alone rose more than 12 percent.

Last week Petrobras announced a similar accord with Korea's GSS Holdings Corp to study a joint venture to build a 300,000-bpd refinery, known as Premium II, near Fortaleza, also in the northeast.

Petrobras preferred shares fell 1 percent to 17.65 reais in Sao Paulo trading.

Popular posts from this blog

Study Abroad USA, College of Charleston, Popular Courses, Alumni

Thinking for Study Abroad USA. School of Charleston, the wonderful grounds is situated in the actual middle of a verifiable city - Charleston. Get snatched up by the wonderful and customary engineering, beautiful pathways, or look at the advanced steel and glass building which houses the School of Business. The grounds additionally gives students simple admittance to a few major tech organizations like Amazon's CreateSpace, Google, TwitPic, and so on. The school offers students nearby as well as off-grounds convenience going from completely outfitted home lobbies to memorable homes. It is prepared to offer different types of assistance and facilities like clubs, associations, sporting exercises, support administrations, etc. To put it plainly, the school grounds is rising with energy and there will never be a dull second for students at the College of Charleston. Concentrate on Abroad USA is improving and remunerating for your future. The energetic grounds likewise houses various

Best MBA Online Colleges in the USA

“Opportunities never open, instead we create them for us”. Beginning with this amazing saying, let’s unbox today’s knowledge. Love Business and marketing? Want to make a high-paid career in business administration? Well, if yes, then mate, we have got you something amazing to do!   We all imagine an effortless future with a cozy house and a laptop. Well, well! You can make this happen. Today, with this guide, we will be exploring some of the top-notch online MBA universities and institutes in the USA. Let’s get started! Why learn Online MBA from the USA? Access to More Options This online era has given a second chance to children who want to reflect on their careers while managing their hectic schedules. In this, the internet has played a very crucial in rejuvenating schools, institutes, and colleges to give the best education to students across the globe. Graduating with Less Debt Regular classes from high reputed institutes often charge heavy tuition fees. However onl

Sickening moment maskless 'Karen' COUGHS in the face of grocery store customer, then claims she doesn't have to wear a mask because she 'isn't sick'

A woman was captured on camera following a customer through a supermarket as she coughs on her after claiming she does not need a mask because she is not sick.  Video of the incident, which has garnered hundreds of thousands of views on Twitter alone, allegedly took place in a Su per Saver in Lincoln, Nebraska according to Twitter user @davenewworld_2. In it, an unidentified woman was captured dramatically coughing as she smiles saying 'Excuse me! I'm coming through' in the direction of the customer recording her. Scroll down for video An unidentified woman was captured dramatically coughing as she smiles saying 'Excuse me! I'm coming through' in the direction of a woman recording her A woman was captured on camera following a customer as she coughs on her in a supermarket without a mask on claiming she does not need one because she is not sick @chaiteabugz #karen #covid #karens #karensgonewild #karensalert #masks we were just wearing a mask at the store. ¿ o